Apparel Online Bangladesh Magazine Magazine March 2018 | Page 72

RETAIL CURRENT TO ADVERTISE GOING TO A GOOD EVENT? Contact Rani Mahendru [phone] (512) [email protected] Send your industry gossip, photos and news to [email protected] Levis Strauss reports 13% growth in Q4 FY 2017 revenue Levi Strauss & Co., one of the world’s largest apparel companies and a global leader in jeanswear, has reported growth in its revenues as it releases financial results for the fourth quarter and full year 2017. The denim brand witnessed a 13 per cent increase in its net revenue to US $ 1,466 million during the fourth quarter. Its full-year revenue increased by 8 per cent to US $ 4,904 million. The quarter and the full year also recorded a 20 per cent and 15 per cent growth in direct-to-consumer revenues, respectively. Further, net income zoomed 20 per cent to US $ 116 million during the reporting quarter. Operating income for the full year remained US $ 467 million as against US $ 462 million in the prior year. However, the apparel retailer noted a 3 per cent decline in net income for full-year to US $ 281 million. A US $ 23 million loss on early extinguishment of debt resulted in the drop in income. Region-wise, Levi’s Americas’ net revenue grew by 7 per cent due to the strong performance in wholesale and direct-to- consumer channels in the US, Canada and Mexico markets. Its Asia revenue soared by 13 per cent during the fourth quarter of the year. Interestingly, the company opened 53 new stores in fiscal 2017. According to Chip Bergh, President and CEO of Levi’s, the momentum garnered during the fourth quarter has made fiscal 2017 the strongest revenue year for the company in more than a decade. “Right policies and investment made to expand our businesses yielded the desired results for us,” he concluded. Lululemon Athletica's CEO Laurent Potdevin resigns over ‘misconduct' Laurent Potdevin, Chief Executive Officer of Lululemon Athletica Inc., an American yoga-inspired apparel athletic company that makes performance shirts, shorts, pants, lifestyle clothing, has resigned from his post with immediate effect. Potdevin will no longer be a member of the company’s Board of Directors as well. He was appointed to the Board in December 2013. Reasons for his resignation are not yet known but media reports claim that an internal issue has led to his resignation. Also, there was a series of incidents that breached the company’s code of conduct. “The Board is responsible 72 Apparel Online Bangladesh | MARCH 2018 | www.apparelresources.com for protecting the organization’s culture as it is at the core of Lululemon,” said Glenn Murphy, Executive Chairman of Board. In a press statement issued, Lululemon Athletica mentioned that it expects all its workers to demonstrate the highest levels of integrity and respect for each other, and Potdevin failed to do so. As per the ‘parting’ agreement inked between the company and Potdevin, the latter will get US $ 3.35 million in cash and further US $ 1.65 million on monthly basis over the next 18 months. A hunt to look for a new highly-experienced global CEO has now been kicked off by the retailer.